NZDJPY (4H) - complex wedge formation - possible reversal
The wedge formation shown is not pure. It is complex. The tighter sharper wedge could see price falling out and to the south. The other enclosing wedge could see price rising north. In situations like these one has to decide:
1. Long with an ATR appropriate stoploss.
2. Short with an ATR appropriate stoploss.
3. Stay out completely.
In addition to the wedge there appears to be a scallop formation which could herald a move north.
This is not a high probability trade. But based on experience, I take the position.
1. Long with an ATR appropriate stoploss.
2. Short with an ATR appropriate stoploss.
3. Stay out completely.
In addition to the wedge there appears to be a scallop formation which could herald a move north.
This is not a high probability trade. But based on experience, I take the position.
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